Copper MCX Tips Today : All Target Hit 610 to 619.65, Enjoy Tones of Money

Copper MCX Tips Today : Copper yesterday settled up by 2.18% at 609.55 supported from low level of inventories and hopes of further U.S. stimulus that could boost demand for the red metal.

But Chinese markets will remain closed from Feb. 11-17 for Lunar New Year holidays, potentially slowing demand for industrial metals.Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.0 percent from last Friday, the exchange said.

Copper MCX Tips Today

  • MCX Copper prices edged up supported from low level of inventories and hopes of further U.S. stimulus that could boost demand for the red metal.
  • In China, a central bank official said the PBOC will keep liquidity reasonably ample, easing money supply worries.
  • Chinese markets will remain closed from Feb. 11-17 for Lunar New Year holidays, potentially slowing demand for industrial metals.

Read More : COPPER MCX TIPS : BUY CMP 606 Add More if Come 600 Target 627

U.S. data showed private payrolls rebounding more than expected in January, while service activities also improved strongly, pointing to signs of a recovery in the world’s biggest economy.

Adding to the optimism, the U.S. Congress pushed ahead with a maneuver to pass a $1.9 trillion COVID-19 relief package.The plan is still pending a vote at the Senate.

In China, a central bank official said the People’s Bank of China will keep liquidity reasonably ample, easing money supply worries in the world’s top metals consumer.

Soaring sales of consumer goods such as washing machines, fridges, freezers and cars in the world outside China are expected to invigorate copper consumption and create shortages later this year.

Copper MCX Tips Today : All Target Hit 610 to 619.65, Enjoy Tones of Money via @goldsilverrepor
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